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Bank Nifty EOD Update Feb 28

Bank Nifty is moved in very narrow range today! High made today was 20681 and low was 20560, forming Doji candlestick on Daily chart.
Daily RSI is still above support level of 65 and hence bounce back from this level is likely. Possibility of correction to 20400/20300 is also possible. Any close below 20400 on Daily basis would be bearish for Bank Nifty.

Monthly chart shows possibility of further up move as Monthly close for Feb is above 20400, important Gann level for Bank Nifty as it is moving in 180 degree as per Gann Square of Nine Numbers.
Bank Nifty 15-min chart is showing that corrective wave is terminating possibly in Ending Diagonal/triangle pattern and RSI is showing divergence. Correction may near completion or completed at 20560. Bank Nifty closed above 20591, hence up move is still on the card as long as daily close is above 20400.



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